Donee’s Basis in Gifted Property

Donee’s Basis in Gifted Property
Is this true or false with respect to the basis of property? Why or why not?

In 2002, John acquires property with a FMV of $500,000. In 2003, John gifts the property to Jane when its FMV is $600,000. Jane’s basis in the property is $600,000.

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